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It took you over a year to get it out of your head. Your kids have stopped obsessing about it; they even managed to ask Santa Claus for something else than Elsa and Ana.
I just felt the last blog post of 2016 had to be special, given how special (yes, this is an understatement) 2016 has been for companies around the world. No need to dwell on it, right? Let’s move on.
How to forget about your problems other than by a very personal adaptation of Let It Go, the magic soundtrack of Frozen? Called Let It Flow, the following text is dedicated to Credit Managers and CFOs across the world.  They can let it go, only if they’re insured. Or read this new report on insolvencies and State Owned Enterprises (SOEs) which we titled "the tip of the iceberg".
Any resemblance to your balance sheet is completely deliberate.

Let it flow, let it flow!
Can't hold it back anymore.
Let it flow, let it flow!
Turn away and slam the DSO.
I don't care if they're going to pay.
Let the costs rage on.
The bottom line never bothered me anyway.
It's funny how some debt,
makes everything seem small.
And the fears that once controlled me, can't get to me at all
It's time to see what I can do,
to test the limits and break through.
No right, no wrong, no credit rules for me.
I'm free!
Let it flow, let it flow.
I am one with the working capital.
Let it flow, let it flow.
You'll never see me cry.
Here I'll stand, and here I'll stay.
Let the loss rage on.
My power flurries through the balance sheet into the income
My soul is spiraling in frozen millions all around
And one non-payment crystallizes like an icy blast
I'm never getting it back; the past is in the past!
Let it flow, let it flow.
And I'll rise like the break of dawn.
Let it flow, let it flow
That perfect CFO is gone
Here I stand, in the light of day.
Let the non-payments rage on!
Insolvencies never bothered me anyway...

Happy holiday season to everyone!

Ludovic Subran
Chief Economist
Euler Hermes
If you would like to learn more about Euler Hermes in your country or near you, feel free to visit our countries’ pages.